Broker bashing report debunked by new research

by Adam Smith13 May 2015
Brokers have overwhelming support from consumers, according to a new report. 

An Ernst & Young survey commissioned by the MFAA appears to have debunked a controversial report by consumer group Choice, demonstrating broad support for mortgage brokers.

While Choice's secret shop - the details of which the consumer group has refused to divulge to the companies surveyed - claimed brokers were providing inadequate service and failing to comply to NCCP disclosure measures, the Ernst & Young report found 92% of broker customers were satisfied with the service they were provided.

Brokers also saw a net promoter score of 31, with 44% of broker clients saying they would recommend the broker proposition, versus 13% who said they wouldn't. 

The MFAA praised the result, and said there was still opportunity for brokers to further serve consumers. 

"Although customers feel they receive a superior experience from brokers, a few areas were highlighted for further development. First, a small proportion of customers felt that the commissions received by brokers influenced the recommendation made, particularly where the broker had a relationship with the lender. Second, customers felt that the broker could play a broader role in arranging other financial products," the association said. 


  • by Scott Beattie 13/05/2015 9:27:18 AM

    Maybe the MFAA should do some mystery shops and promote the results? Over X% of our mystery shoppers recommend an MFAA approved broker for example.

  • by Craig Budden 13/05/2015 9:29:33 AM

    Hey Choice.....BOOM!

  • by Broker 13/05/2015 10:38:37 AM

    EY also have just a tad more creditability than the rabble that is Choice - which should stick within their general ability of cross promoting crap on A Current Affair.